Items Tagged with 'reverse mortgage lending'

ARTICLES

  • Mutual of Omaha Bank acquiring Synergy One Lending

    Deal will allow Mutual of Omaha to expand into reverse mortgages
    Mutual of Omaha Bank, the banking arm of insurance giant Mutual of Omaha, is expanding its mortgage platform by acquiring Synergy One Lending, a mortgage lender based in California. One important piece of the deal for Mutual of Omaha: acquiring Synergy One will allow the company to expand into reverse mortgage lending.
    Read More
  • Philadelphia considering new law designed to limit reverse mortgage foreclosures

    Bill addresses “unscrupulous practices” from some reverse mortgage lenders
    The city of Philadelphia is set to consider new legislation that would “prevent the spread of reverse mortgage foreclosures” in the city by “closing a loophole” in the city’s laws that some lenders allegedly exploit to foreclose on reverse mortgage borrowers.
    Read More
  • Reverse mortgage lender AAG expanding into traditional mortgage lending

    Plans growth throughout 2018
    American Advisors Group is one of the nation’s largest reverse mortgage lenders, but now, the company is expanding into traditional forward mortgage lending as well. According to AAG, it began piloting forward lending in 2017, and the company is now ready to roll out forward mortgages on a large scale.
    Read More
  • Ocwen considers selling more pieces of lending business

    Discloses that it may exit reverse mortgage lending
    When 2017 began, Ocwen Financial had six mortgage origination lines of business: correspondent, wholesale, and retail in both forward and reverse mortgage lending. But the nonbank could soon only have one active lending channel, as the company disclosed this week that it is considering selling off more pieces of its lending business.
    Read More
  • CFPB warns about dangers of taking out a reverse mortgage to delay Social Security

    Says claiming Social Security benefits later may not be worth it
    The Consumer Financial Protection Bureau issued a warning to seniors this week, cautioning them that taking out a reverse mortgage in order to delay claiming Social Security benefits could be a financially harmful decision. In its report, the CFPB said it investigated this practice and found that the costs and risks of obtaining a reverse mortgage could exceed the increased amount of a senior’s lifetime Social Security benefits should the person wait to claim their benefits.
    Read More
  • Home Point Financial sells reverse mortgage division to Huron Valley Financial

    Latest in series of moves for Home Point since Stonegate Mortgage acquisition
    The last few weeks have been quite busy for Home Point Financial. First, the lender completed its $211 million acquisition of Stonegate Mortgage Corp. Earlier this week, Home Point announced that it is planning to grow its third-party origination channel. But those aren’t the only changes for Home Point, as Huron Valley Financial announced this week that it acquired Home Point’s reverse mortgage division.
    Read More
  • Chicago mortgage originator accused of bilking elderly homeowners out of $7 million

    Charged with targeting seniors in reverse mortgage scam
    A mortgage originator from Chicago stands accused of running a reverse mortgage scam and defrauding elderly homeowners and lenders out of $7 million. Mark Diamond is currently facing seven counts of wire fraud after being accused of fraudulently causing lenders to make reverse mortgage loans to homeowners who either did not sign up for the loans or did so after Diamond allegedly misrepresented the terms of the loans.
    Read More
  • CFPB fines three reverse mortgage lenders over deceptive advertising

    To pay a total of nearly $790,000
    American Advisors Group, Reverse Mortgage Solutions and Aegean Financial are the latest names to face the wrath of the Consumer Financial Protection Bureau due to deceptive advertisements in reverse mortgage lending. “These companies tricked consumers into believing they could not lose their homes with a reverse mortgage,” said CFPB Director Richard Cordray.
    Read More